- May 8, 2024
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Builders and real estate agents are seeing an increase in housing construction, citing it as another sign of market stabilization.
BY MATT MENCARINI | STAFF WRITER
The housing market is beginning to stabilize, some real estate agents say, pointing to an increase in new-home builds and major renovations taking place in Ormond Beach.
Sharon Barbaro, an agent with Century 21, said she’s seen a trend of buyers making significant improvements to newly purchased homes, with the idea of staying for a while. This is in direct contrast to the "flipping" practice, she says, where buyers make minor changes to homes, not believing houses to be good long-term investment.
“These young people are looking at these investments as long-term,” Barbaro said. “They're going to raise a family and live there for a while. It’s a more stable investment.”
She also notes lower interest rates for first-time homebuyers, which additionally sweeten the pot for long-term investors.
But it isn't just renovations that have seen a rise, says Bill Navarra, of Realty Pros. Even more than structural alterations, he has seen an spike in new-home builds, which he credits to lower interest rates, fewer homes left on the market and aggressively priced construction work.
Builders are giving a lot more options than a few years ago, he said, noting an increase in construction activity, specifically, in areas such as Hunters Ridge, Plantation Bay and Halifax Plantation.
“In my industry, it's a very good thing,” Navarra said. “More people are willing to move up to a bigger home and then sell their old home.”
Homeowners don't feel trapped in their homes anymore, he added. Now, they're willing to move, upgrade and build, instead of fixing up old homes in order to fulfill new needs.
“There’s a great increase, across the board, in new-home building,” said Scott Vanacore, co-owner of Vanacore Homes. “I would say there’s definitely an increase now. People see its a good time to build.”
Vanacore said, since 2010, he has seen an increase of new homes being built either on vacant lots, or on lots previously containing an older home which has since been torn down to make way for something new.
Vanacore said his company built a new home on Neptune Avenue because a customer liked the area but couldn’t find a home he liked. So, he said, the customer purchased a lot and had the home torn down to start again.
There’s another lot, near Sanchez Park, where Vanacore's company is currently working on a similar project.
“They like to be on the beach side and be close to the water,” Vanacore said of many buyers who are willing tear down and rebuild. “It seems like most of those lots are all pretty good sized, so I think it’s location-driven.”
